Archer expands energy services with takeover of Moreld Ocean Wind

Norwegian oil services company Archer Ltd (LON:0RBA) announced the acquisition of Moreld Ocean Wind AS (MOW), an independent technology, product and solutions provider for the floating offshore wind industry.

Established in 2021, MOW specialises in project management and engineering for the fabrication and assembly of floating substructures for wind turbines. The company employs about 30 engineers based in Norway and is currently working on various studies, front-end projects and engineering contracts. It has also been picked as the preferred supplier for upcoming wind farm project bids.

MOW was acquired from Norwegian energy-focused private equity firm HitecVision AS. The transaction also gives Archer a minority stake in Ocergy Inc (OCY), a US-French developer of lightweight floating substructures suited for serial production.

“Several of our oil and gas customers have commitments and plans within floating offshore wind and it is natural for Archer to take a position in this segment to support our customers’ ambitions,” said Archer’s CEO Dag Skindlo.

The financial terms of the deal were not disclosed. Following the acquisition, MOW was immediately renamed Archer Wind.

Choose your newsletter by Renewables Now. Join for free!